Date: September 22, 2026

Financial Results (Standalone & Consolidated)

Standalone Performance (INR Mn)

  • Operational Revenue: FY26 ₹17,976 vs FY25 ₹17,714 (1.5% YoY growth)
  • Operating Expenses: FY26 ₹13,915 vs FY25 ₹13,449 (3.5% YoY increase)
  • EBITDA: FY26 ₹4,061 vs FY25 ₹4,265 (4.8% YoY decline)
  • EBITDA Margin: FY26 22.59% vs FY25 24.08% (149 Bps decline)
  • Depreciation and Amortisation: FY26 ₹1,043 vs FY25 ₹791 (31.9% YoY increase)
  • Finance costs: FY26 ₹469 vs FY25 ₹256 (83.2% YoY increase)
  • Foreign Exchange (Gain)/Loss: FY26 ₹332 loss vs FY25 ₹17 gain
  • Other Income: FY26 ₹153 vs FY25 ₹128 (19.5% YoY increase)
  • PBT before Exceptional Items: FY26 ₹2,370 vs FY25 ₹3,363 (29.5% YoY decline)
  • Exceptional Items: FY26 ₹28 (none in FY25)
  • PBT: FY26 ₹2,342 vs FY25 ₹3,363 (30.4% YoY decline)
  • Tax Expense: FY26 ₹580 vs FY25 ₹790 (26.6% YoY decline)
  • PAT: FY26 ₹1,762 vs FY25 ₹2,573 (31.5% YoY decline)
  • PAT Margin: FY26 9.80% vs FY25 14.53% (473 Bps decline)
  • Other Comprehensive Income: FY26 ₹(39) vs FY25 ₹(51) (23.5% improvement)
  • Total Comprehensive Income: FY26 ₹1,723 vs FY25 ₹2,522 (31.7% YoY decline)
  • Diluted EPS (INR): FY26 19.42 vs FY25 28.38 (31.6% YoY decline)

Consolidated Performance (INR Mn)

  • Operational Revenue: FY26 ₹18,194 vs FY25 ₹21,151 (14.0% YoY decline)
  • Operating Expenses: FY26 ₹14,170 vs FY25 ₹16,507 (14.2% YoY decline)
  • EBITDA: FY26 ₹4,024 vs FY25 ₹4,644 (13.4% YoY decline)
  • EBITDA Margin: FY26 22.12% vs FY25 21.96% (16 Bps improvement)
  • Depreciation and Amortisation: FY26 ₹1,043 vs FY25 ₹869 (20.0% YoY increase)
  • Finance costs: FY26 ₹469 vs FY25 ₹269 (74.3% YoY increase)
  • Foreign Exchange (Gain)/Loss: FY26 ₹332 loss vs FY25 ₹17 gain
  • Other Income: FY26 ₹97 vs FY25 ₹84 (15.5% YoY increase)
  • PBT before Joint Venture & Exceptional Items: FY26 ₹2,277 vs FY25 ₹3,607 (36.9% YoY decline)
  • Exceptional Items (Net of Tax Expenses): FY26 ₹28 (none in FY25)
  • PBT before Joint Venture: FY26 ₹2,249 vs FY25 ₹3,607 (37.6% YoY decline)
  • Share of JV: FY26 ₹80 (none in FY25)
  • PBT: FY26 ₹2,329 vs FY25 ₹3,607 (35.4% YoY decline)
  • Tax Expense: FY26 ₹582 vs FY25 ₹883 (34.1% YoY decline)
  • PAT: FY26 ₹1,747 vs FY25 ₹2,724 (35.9% YoY decline)
  • PAT Margin: FY26 9.60% vs FY25 12.88% (328 Bps decline)
  • Other Comprehensive Income: FY26 ₹(62) vs FY25 ₹(98) (36.7% improvement)
  • Total Comprehensive Income: FY26 ₹1,685 vs FY25 ₹2,626 (35.8% YoY decline)
  • Diluted EPS (INR): FY26 19.25 vs FY25 30.04 (35.9% YoY decline)

Note: Recognition of fair value movement on a long-dated USD forward contract under FVTPL impacted reported profitability during the period, with previous year figures restated accordingly. As intimated to the stock exchange on 1st April 2025, regarding the addendum to the SHA with Ganesh Polychem Limited, the entity becomes a joint venture of the company with effect from April 1, 2025, and pursuant to the same the consolidated accounts are prepared using the equity method of accounting as required by the relevant Ind AS. Accordingly, current period numbers are not comparable with previous periods.

Company Profile & Competitive Edge

  • Aarti Pharmalabs Limited (APL) is part of the Aarti group, a diversified chemical conglomerate with group turnover of INR 150+ bn (FY26)
  • Globally recognized manufacturer of generic API, Xanthine derivatives and a leading player in CDMO/CMO services
  • Demonstrated strong expertise in development of robust & cost-effective process for rapid scale up and commercial production
  • Received accreditation from several agencies, including USFDA, EU GMP, EDQM (European Pharmacopoeia), KFDA (Korea), and COFEPRIS (Mexico)
  • Strategically located in western India with proximity to ports
  • Regulatory focussed operations with expertise in novel chemistries
  • Largest manufacturer of Xanthine Derivatives in India

Recent Investments

Greenfield Capex – Atali Project (Gujarat)

  • Estimated Investment: INR 400 crores
  • Capacity: ~450 KL (Block 1)
  • Land Available: 80 acres
  • Timeline: ~80% capacity operationalized by Q4FY26
  • Product Focus: Intermediates and CDMO/CMO
  • Strategic Rationale: Growth engine for CDMO/CMO segment with large expansion potential; Enhance backward integration with expanded intermediates capacity
  • Future Potential: Atali site is scalable up to 8-10x of Phase 1 capacity

Brownfield Capex – Tarapur (Maharashtra)

  • Estimated Investment: INR 210 crores
  • Proposed Capacity: 9,000 MTPA
  • Current Utilization: 6,000 MTPA
  • Timeline: Operationalized in Q1FY27
  • Product Focus: Xanthine Derivatives
  • Strategic Rationale: Beverage sales driven by long-standing client relationships ensuring consistent revenue stream; Aspiration to grab larger wallet share with beverage customers; Increase share in pharmaceutical grade Xanthine derivatives to expand margins

Future Outlook

  • FY26 CAPEX reached ~INR 400 cr; FY27 outlook expected at similar levels
  • Initiating R&D investment in FY27 towards TIDES (Peptides & Oligonucleotides) to expand portfolio capabilities
  • Announced capex for Atali Block 2 for specific CDMO/CMO projects; Groundbreaking planned in Q3FY27
  • Targeting 15-18% Revenue & EBITDA CAGR over the Next 3-4 Years

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Board Meeting Outcomes

Not Specified

Disinvestment / Strategic Actions

Not Specified

Other Operational / Legal / Strategic Disclosures

Not Specified